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Author Question: Kelsey is a cash-basis, calendar-year taxpayer. Her salary is $30,000, and she is single. She plans ... (Read 65 times)

lidoalex

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on: Sep 13, 2020
Kelsey is a cash-basis, calendar-year taxpayer. Her salary is $30,000, and she is single. She plans to purchase a residence in 2017. She anticipates her property taxes and interest will total $8,000 in 2017. Each year, Kelsey contributes approximately $1,500 to charity. Her other itemized deductions total $2,000. For purposes of this problem, assume 2016 tax rates, exemptions, and standard deductions are the same as 2017.
a. What will her gross tax be in 2016 and 2017 if she contributes $1,500 to charity in each year?
b. What will her gross tax be in 2016 and 2017 if she contributes $3,000 to charity in 2016 but makes no contribution in 2017?
c. What will her gross tax be in 2016 and 2017 if she makes no contribution in 2016 but contributes $3,000 to charity in 2017?
d. Why does alternative "c" yield the lowest tax?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by lidoalex on Sep 13, 2020

tmlewis4706

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Reply #1 on: Sep 13, 2020
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lidoalex

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Reply 2 on: Sep 13, 2020
Wow, this really help

bblaney

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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